本文選題：優(yōu)序融資理論 + 融資偏好　； 參考：《首都經(jīng)濟貿(mào)易大學》2013年碩士論文

【摘要】：現(xiàn)代企業(yè)的發(fā)展越來越離不開資金的支持。企業(yè)資金的融通就像是人體中的血液，對企業(yè)的日常運行及長遠發(fā)展都有著至關(guān)重要的作用。現(xiàn)代金融理論研究表明，企業(yè)融資結(jié)構(gòu)的選擇非常重要，因為它不僅影響著的資金成本，，關(guān)系到企業(yè)的生存發(fā)展，而且與企業(yè)的治理結(jié)構(gòu)和宏觀經(jīng)濟也密切相關(guān)。根據(jù)有關(guān)資料顯示，全球不同國家的企業(yè)融資結(jié)構(gòu)是不同的，但發(fā)達國家的融資順序大多遵循優(yōu)序融資理論，即先內(nèi)部融資，再債務(wù)融資，最后是股權(quán)融資。 我國上市公司的融資偏好是金融學的一個重要研究方向，各種不同的偏好最終形成不同的企業(yè)融資結(jié)構(gòu)。企業(yè)的融資方式不僅影響到企業(yè)的長展，也會影響資本市場的健康發(fā)展。我國上市公司的融資特點是偏好股權(quán)融，債務(wù)融資和內(nèi)源融資相對來說比例偏低，但近幾年也保持了逐步上升的態(tài)勢。這與我國的國情有不可分的聯(lián)系，我國是發(fā)展中國家，市場經(jīng)濟體制不健全，證券市場不完導致我國的上市公司融資偏好不同于西方發(fā)達國家的融資偏好順序，有著自己的特征。 本文首先點明了本文的研究背景和意義，然后詳細的梳理和介紹了融資理論和我國融資現(xiàn)狀。本文通過將內(nèi)部融資與外部融資，直接融資與間接融資進行比較，得出我國上市公司的融資順序不符合優(yōu)序融資理論，偏好股權(quán)融資，但內(nèi)部融資和債務(wù)融資比例近幾年有所上升的結(jié)論，并對產(chǎn)生這種融資偏好的原因進行分析。最后，對全文進行了總結(jié)，提出了出具有針對性政策及建議。
[Abstract]:The development of modern enterprises is more and more inseparable from the support of funds.The financing of enterprises is like blood in the human body, which plays an important role in the daily operation and long-term development of enterprises.The research of modern finance theory shows that the choice of enterprise financing structure is very important because it not only affects the capital cost, but also relates to the survival and development of the enterprise, and is closely related to the corporate governance structure and macro economy.According to the relevant data, the financing structure of enterprises in different countries is different, but the financing order of developed countries mostly follows the priority financing theory, that is, first internal financing, then debt financing, and finally equity financing.The financing preference of listed companies in China is an important research direction in finance.The financing method not only affects the development of the enterprise, but also affects the healthy development of the capital market.The financing characteristics of listed companies in China are that they prefer equity financing, debt financing and endogenous financing are relatively low, but in recent years they have maintained a trend of gradual increase.China is a developing country, the market economy system is not perfect, and the stock market leads to the financing preference of our listed companies being different from that of the western developed countries.Have their own characteristics.This paper first points out the research background and significance of this paper, then reviews and introduces the financing theory and the current situation of financing in China.By comparing internal financing with external financing, direct financing and indirect financing, this paper concludes that the order of financing of listed companies in China does not conform to the theory of superior order financing and prefers equity financing.However, the proportion of internal financing and debt financing has increased in recent years, and the reasons for this financing preference are analyzed.Finally, the paper summarizes the full text and puts forward some targeted policies and suggestions.
【學位授予單位】：首都經(jīng)濟貿(mào)易大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F832.51

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